UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended June 30, 1996
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. O-9608
E & J PROPERTIES, LTD. (A California Limited Partnership)
(Exact name of registrant as specified in its charter)
California 94-2763152
(State of Organization) (IRS Identification Number)
2710 Gateway Oaks Dr, 300 South, Sacramento, CA 95833
(Address of principal executive office) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (916) 925-6620
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
Number of units outstanding of issuer's limited partnership
interests as of June 30, 1996:
3,523,680 Units
There was very little trading activity for these units during the
last three months, however a price range of $1.75 to $2.25 is
indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
June 30, 1996 and December 31, 1995
(Unaudited)
June 30, December 31,
1996 1995
Assets
Cash and cash equivalents $1,771,562 1,959,778
Elliott Ranch 2,800,496 2,670,288
Other assets 36,211 61,382
$4,608,269 4,691,448
========= =========
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and
other liabilities $ 20,486 36,525
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,515,142 4,581,535
Units of general partnership
issued, 39,643 72,641 73,388
Total partners' equity 4,587,783 4,754,923
$4,608,269 4,799,607
========= =========
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
(Unaudited)
Statements of Earnings
For the Six Months For the Three Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Revenues:
Interest and
rental income $ 52,290 64,635 24,828 33,272
Expenses:
Property taxes 16,727 16,399 8,363 8,199
Depreciation 1,911 2,867 478 1,434
General and admin 100,792 102,614 45,241 48,369
119,430 121,880 54,082 58,002
Net earnings (loss) $(67,140) (57,245) (29,254) (24,730)
======== ======== ======== ========
Net earnings (loss)
per unit $ (0.02) (0.02) (0.01) (0.01)
======== ======== ======== ========
Units outstanding 3,563,323 3,563,323 3,563,323 3,563,323
========= ========= ========= =========
Statements of Cash Flow
For the Six Months
Ended June 30,
1996 1995
Cash flows from operating activities:
Net earnings (loss) $ (67,140) (57,245)
Depreciation 1,911 2,867
Decrease in other assets 25,171 32,216
Increase (decrease) in liabilities (16,039) (14,531)
Net cash flow from operating activities (56,097) (36,693)
Cash expenditures for Elliott Ranch (132,119) (81,475)
Net increase in cash and cash equivalents (188,216) (118,168)
Beginning cash and cash equivalents 1,959,778 2,194,703
Ending cash and cash equivalents $1,771,562 2,076,535
========= =========
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Note to Financial Statements
(Unaudited)
In the opinion of the partnership, the accompanying unaudited
financial statements contain all adjustments (consisting only of
normal recurring accruals) necessary to present fairly financial
position as of June 30, 1996 and the results of operations for
the three and six months then ended, and cash flow for the six
months then ended.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The cash currently held by the Limited Partnership is considered
sufficient to meet future liquidity and capital needs.
Operations consist of interest and rental income and rental, and
general and administrative expenses. It is anticipated that
substantial funds will be expended to place the remainder of the
Elliott Ranch in marketable condition and to maximize its value.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 to 6 Nothing to report.
Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
E & J PROPERTIES, LTD.
(Registrant)
Date: July 26, 1996 /s/ Elaine McKeon
Elaine McKeon, General Partner
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
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<INCOME-CONTINUING> (67,140)
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